Archive for January, 2011

The FDIC closes another Colorado Bank!

FirsTier Bank, Louisville, Colorado
January 29, 2011 – 12:54 am
FirsTier Bank, Louisville, Colorado, is the tenth FDIC-insured institution to fail in the nation this year, and the second in Colorado. Unable to find a buyer for the bank’s decrepit assets the FDIC created the Deposit Insurance National Bank of Louisville (DINB), which will remain open until February 28, 2011, to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

FirsTier Bank, Louisville, Colorado, was closed today by the Colorado Division of Banking, which appointed Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC created the Deposit Insurance National Bank of Louisville (DINB), which will remain open until February 28, 2011, to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

At the time of closing, the receiver immediately transferred to the DINB all insured deposits of FirsTier Bank, except for brokered deposits, certificates of deposit (CDs) and individual retirement accounts (IRAs). The receiver also transferred to the DINB all secured deposits of public entities.

The FDIC will mail checks directly to customers with CDs and IRAs. For the brokered deposit customers, the FDIC will pay the brokers directly for the amount of their insured funds. Customers with brokered deposits should contact their brokers directly for information concerning their money.

The main office and all branches of FirsTier Bank will re-open on Saturday, January 29, 2011, and will provide limited services. The DINB will maintain limited business hours. Banking activities, such as writing checks, ATM and debit card withdrawals, can continue normally for former customers of FirsTier Bank until February 11, 2011. Official checks of FirsTier Bank will continue to clear and will be issued to customers who will be closing their accounts. All government direct deposits, including Social Security checks, will be redirected to FirstBank, Lakewood, Colorado, for 30 days after February 22, 2011, which will process them at the same time as in the past.

Reposted from bank-implode!

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FDIC Closes 4 Banks-The largest bank; Colorado’s United Western Bank

The FDIC swooped in and closed another bank in Colorado.  United Western Bank had been struggling for some time.  The financial institution finally had to close after trying to raise capital.  United Western is the largest bank failure in Colorado since New Frontier Bank of Greeley closed almost 2 years ago.  United Western had been rated a 1 star by the bank ratings system, Bauer Financial.

United Western’s trouble began when the mortgage market collapsed in 2008.  To give you an idea how much trouble the bank was in; United Western  sold securities backed by option adjustable-rate mortgages with unpaid principal of $47.3 million, it only received $378,000.  In an  attempt to raise additional capital the bank tried to to sell more stock, entertained a reverse-stock split and sell off other assets.  All of these ideas failed and the bank was closed by the FDIC.   First-Citizens Bank  & Trust of Raleigh, N.C. will reopen all of the eight United Western Branches on Monday January 24th.

If you have an account, loan, or safe deposit box with United Western Bank you should be able to access everything on 1/24/2011.

For more information on your bank and its rating please visit:

http://www.bauerfinancial.com/btc_ratings.asp

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Co-Founder Frank Robinson

Frank Robinson graduated from Boise State University with a degree in Business Administration, emphasis in Human Resources. He also has a Master of Arts in Organization Management from the University of Phoenix. Frank played professional football for the Denver Broncos and Jacksonville Jaguars for 3 years. Learn More...

Co-Founder Stewart Gallagher

Stewart Gallagher graduated from Colorado State University with a Major in Political Science and minors in both Economics and Philosophy.  Over the past 12 years Stewart has worked for 3 major financial intuitions holding various positions from teller to Assistant Vice President-Branch Manager. Learn More...